Ex-Coinbase execs said to unveil stablecoin-focused exchange TrueX
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Two former Coinbase Global (NASDAQ:COIN) executives introduced a cryptocurrency exchange named TrueX, which will prioritize PayPal’s (NASDAQ:PYPL) stablecoin as the primary token for trade settlement, according to several media reports dated Wednesday.
The platform was founded by Vishal Gupta, Coinbase’s (COIN) former head of markets, and Patrick McCreary, a former software engineer at Coinbase, Bloomberg reported, noting both also worked at Goldman Sachs (GS).
Like PayPal’s PYUSD (PYUSD-USD), stablecoins are designed to maintain a stable value by being pegged to a reserve asset, such as a fiat currency (like the U.S. dollar) or a commodity (like gold). This stability reduces the volatility typically tied to other cryptos.
TrueX will initially be available to U.S.-based institutions and select international institutions in specific regions, the article said. Paxos, the issuer of PYUSD (PYUSD-USD), will offer third-party custodial services to TrueX users.
Paxos was one of the investors in TrueX’s seed funding round, where the startup secured $9M from a number of venture capital backers.